Rockcliff Resources Inc.
TSX VENTURE : RCR

Rockcliff Resources Inc.

March 23, 2007 08:30 ET

Rockcliff Acquires VMS Deposits From HudBay Minerals Inc.

SUDBURY, ONTARIO--(CCNMatthews - March 23, 2007) - Rockcliff Resources Inc. (TSX VENTURE:RCR) is pleased to announce that it has signed seven separate option agreements dated March 22, 2007 to acquire a 100% interest in seven property packages from Hudson Bay Exploration and Development Company Limited (HBED), a wholly owned subsidiary of HudBay Minerals Inc. (TSX:HBM). The properties are located within the Snow Lake District in Manitoba and include the Rail, Reed, Kof and Sylvia polymetallic deposits (Copper-Zinc-Gold-Silver). Additional properties within the agreements cover numerous targets prospective for volcanic-hosted massive sulphide (VMS) mineralization. The properties cover a total of 15,847 hectares and are located in the Flin Flon greenstone belt, one of the most prolific and the largest Paleoproterozoic VMS district in the world.

The following historical mineral resource estimates within the properties are tabulated below. The Rail and Reed historical resources were documented by HBED in 1998. The Kof and Sylvia historical resources were documented in the Mineral Deposit Series Report # 33 completed by the Manitoba Energy and Mines Geological Services in 1996.



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DEPOSIT TONNES COPPER % ZINC % SILVER g/t GOLD g/t
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Rail 359,000 3.54 0.90 8.22 0.48
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Reed 1,239,000 2.30 0.20 3.22 0.13
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Kof 257,000 2.03 n/a n/a n/a
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Sylvia 1,197,477 2.08 1.60 19.20 0.62
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n/a equals not available


Although the resources are viewed as reliable and relevant based on the information and methods used at the time they do not satisfy the requirements set out by NI 43-101. Neither Rockcliff nor its Qualified Persons have done sufficient work to classify the historical estimates as current mineral resources and are not treating the historical estimates as current mineral resources. The historical resources should not be relied upon.

To earn a 100% working interest in the properties, Rockcliff must pay HBED an aggregate of $2.06 Million in escalating, incremental payments over a four year period. In addition, Rockcliff will be required to incur aggregate, escalating exploration expenditures totaling $9.8 Million over a four year period on the seven property packages. If Rockcliff earns its interest in any of the properties, HBED will retain a 2% Net Smelter Return Royalty. In the first year of the option, Rockcliff must pay $70,000 in cash option payments and expend $1,000,000 on exploration on the properties to maintain its interest.

Each of the property agreements provides that once Rockcliff has earned its 100% interest in the property, HBED has a buy back right to acquire a 55% interest in the property by paying to Rockcliff 200% of Rockcliff's cash option payments paid in respect of the property and spending 200% of Rockcliff's work expenditures. HBED can increase their interest to 65% (an additional 10%) by bringing the property to commencement of commercial production and by financing Rockcliff's 35% portion, with such costs recovered from Rockcliff's share of profits realized from future production.

The seven property agreements cover nineteen separate properties. All are within the Flin Flon greenstone belt and are associated with "juvenile arc" volcanic rocks. All of the mined VMS base metal deposits in this belt are associated exclusively with juvenile arc volcanic rocks.

A summary of the agreements and related geology for each property are highlighted below:

THE RAIL ZONE Cu-Zn PROPERTY (Rail Deposit):

Rockcliff has the exclusive right to earn a 100% interest in the Rail Property by making escalating cash payments totaling $350,000 and escalating work expenditures of $1.6 Million over four years with a cash payment of $10,000 and an expenditure of $150,000 in the first year.

The Rail Property is located approximately 40km WSW of Snow Lake, Manitoba and covers 292 hectares. It is part of the Four Mile arc assemblage and includes a near-surface, volcanogenic massive sulphide lens known as the Rail Lake Deposit. The deposit is a stratabound, massive sulphide deposit consisting of a single massive sulphide lens of pyrite, pyrrhotite, chalcopyrite and sphalerite averaging 1.6m wide. Excellent potential remains to increase the resource of the deposit along the favorable Rail Lake horizon and west of the deposit where an additional massive sulphide horizon was identified.

THE REED LAKE Cu-Zn PROPERTY (Reed Lake Deposit)

Rockcliff has the exclusive right to earn a 100% interest in the Reed Property by making escalating cash payments totaling $400,000 and escalating work expenditures of $2.0 Million over four years with a cash payment of $10,000 and an expenditure of $150,000 in the first year.

The Reed Property is located approximately 43km SW of Snow Lake, Manitoba and covers 1,562 hectares. It is part of the Snow Lake arc assemblage and includes a series of echelon volcanogenic massive sulphide lenses known as the Reed Lake Deposit. Two massive sulphide zones consisting of pyrrhotite, pyrite, chalcopyrite and sphalerite define the deposit with average horizontal widths of 3.4m and 7.9m. Both remain open along strike to the west and at depth. Excellent potential remains to increase the resource of the deposit as four additional stacked sulphide zones (three are massive sulphide and one is disseminated sulphides) have been identified proximal to the deposit.

THE KOFMAN Cu PROPERTY (Kof Cu Deposit)

Rockcliff has the exclusive right to earn a 100% interest in the Kofman Property by making escalating cash payments totaling $400,000 and escalating work expenditures of $1.5 Million over four years with a cash payment of $10,000 and an expenditure of $150,000 in the first year.

The Kofman Property is located 45km south of Snow Lake, Manitoba and covers 588 hectares. It is part of the Snow Lake arc assemblage and is covered by a thin veneer of Paleozoic limestone. The Kof deposit is a stratabound massive sulphide deposit associated with disseminated to massive bands of pyrite, pyrrhotite, chalcopyrite and sphalerite. The mineralization occurs over widths of tens of metres, parts of which contain significant amounts of copper. Excellent potential remains to increase the resource of the deposit as surface geophysics indicates that the Kof deposit horizon is over 1km long.

THE SYLVIA Cu-Zn PROPERTY (Sylvia Cu-Zn Deposit)

Rockcliff has the exclusive right to earn a 100% interest in the Sylvia Property by making escalating cash payments totaling $700,000 and escalating work expenditures of $2.6 Million over four years with a cash payment of $10,000 and an expenditure of $250,000 in the first year.

The Sylvia Property is located 54km south of Snow Lake, Manitoba and covers 1,927 hectares. It is part of the Snow Lake arc assemblage and is below a thin cover of Paleozoic limestone. The Sylvia deposit is classified as a stratabound massive sulphide deposit associated with several massive bands of pyrite, pyrrhotite, chalcopyrite, sphalerite and galena. The entire volcanic sequence hosting the deposit has been extensively sericitized and/or chloritized. The deposit ranges from less than 1.0 m up to 7.3m in width and is also open along strike and at depth. Excellent potential remains to increase the resource of the deposit as additional mineralization has been encountered along the favorable deposit horizon.

THE DYCE CLAIM PROPERTIES

Rockcliff has the exclusive right to earn a 100% interest in the Dyce Property by making escalating cash payments totaling $70,000 and escalating work expenditures of $0.7 Million over four years with a cash payment of $10,000 and an expenditure of $100,000 in the first year.

The Dyce Properties are located approximately 50km SW of Snow Lake, Manitoba and cover a group of five properties totaling 4,027 hectares. The properties are part of the Snow Lake arc assemblage and include prospective stratigraphy for VMS mineralization.

THE FREEBETH CLAIM PROPERTIES

Rockcliff has the exclusive right to earn a 100% interest in the Freebeth Property by making escalating cash payments totaling $70,000 and escalating work expenditures of $0.9 Million over four years with a cash payment of $10,000 and an expenditure of $150,000 in the first year.

The Freebeth Properties are located approximately 35km SW of Snow Lake, Manitoba and cover a group of four properties totaling 5,953 hectares. The properties are part of the Snow Lake arc assemblage and include prospective stratigraphy for VMS mineralization.

THE EEL CLAIM PROPERTIES

Rockcliff has the exclusive right to earn a 100% interest in the Eel Properties by making escalating cash payments totaling $70,000 and escalating work expenditures of $0.5 Million over four years with a cash payment of $10,000 and an expenditure of $50,000 in the first year.

The Eel Properties are located approximately 30km SW and WSW of Snow Lake, Manitoba and cover a group of six properties totaling 1,498 hectares. The properties are part of the Four Mile and Snow Lake arc assemblages and include prospective stratigraphy for VMS mineralization.

Kenneth Lapierre, President and CEO of Rockcliff commented, "We are extremely fortunate to have completed this deal with HudBay Minerals Inc. We now have a significant VMS project located within the prolific Flin Flon greenstone belt, the largest Paleoproterozoic VMS district in the world. The project is also within trucking distance to mills, smelters and a zinc refinery. Our goal is to aggressively explore and advance this project towards a potential production scenario either independently or by entering into a joint venture with HudBay. It certainly is an excellent opportunity for Rockcliff and one we strongly believe will create long term value for our shareholders."

The information in this news release has been reviewed by Peter Wood P.Eng., P.Geo., Vice-President Exploration and Ken Lapierre P.Geo., President and CEO of Rockcliff Resources Inc., both Qualified Persons in accordance with Canadian regulatory requirements as set out in NI 43-101. Both Mr. Wood and Mr. Lapierre performed a review of the technical reports but have not verified the data disclosed in such reports.

The seven property agreements are subject to regulatory approval.

Rockcliff Resources Inc.

Rockcliff Resources Inc. is a Canadian resource exploration company focused on the acquisition and development of high-quality mineral assets associated with world class geology and in world class mining camps.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Rockcliff undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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